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Pakistan’s balance of payments recorded a current account deficit of $662 million in December 2020, breaking a streak of five consecutive months of surplus, according to data released by the State Bank of Pakistan (SBP) on Wednesday.
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ISLAMABAD: The ministry of commerce has approved Rs213 million against claims of drawback of local taxes and levies (DLTL) by non-textile sector, Abdul Razak Dawood, Adviser to Prime Minister for Commerce and Investment.
“These are now with State Bank of Pakistan (SBP) and will soon be disbursed to the relevant exporters,” the adviser said this on his official twitter account.
“Our policy is not to put any working capital constraints for our exporters, he said.
“I hope that this will facilitate them” he added.
KARACHI: The inflow of foreign investment into Pakistan has dropped by 72 percent during first half (July – December) of fiscal year 2020/2021 due to outflows from debt securities and equity market.
The total foreign investment fell to $514.5 million during first half of the current fiscal year as compared with $1.83 billion in the corresponding half of the last fiscal year, State Bank of Pakistan (SBP) said on Monday.
Foreign private investment – the major component of total foreign investment into the country – fell by 48.5 percent during the first half of the current fiscal year. The foreign private investment declined to $708 million during July – December 2020/2021 as compared with $1.37 billion in the corresponding period of the last fiscal year.
The total foreign direct investment (FDI) fell by 30 percent to $953 million during the half under review as compared with $1.35 billion in the corresponding half of the last fiscal year.
The investment in capital market witnessed outflow of $244 million during the first half of the current fiscal year as compared with inflow of $18.8 million in the same half of the last fiscal year.
The investment in debt securities also witnessed outflow of $194 million during July – December 2020/2021 as compared with inflow of $452 million during the same period of the last fiscal year.
ISLAMABAD: Dr. Abdul Hafeez Sheikh, Federal Minister for Finance and Revenue, has directed authorities to monitor consumer price of sugar through the country besides focusing on stocks and supply position of the commodity.
The finance minister chaired the meeting of the National Price Monitoring Committee (NPMC) on Monday.
The finance minister directed ministry of industries and production to continuously monitor stocks of sugar, its supply position in the market and prices throughout the country for the consumers.
Minister for National Food Security & Research Syed Fakhar Imam, Federal Minister for Industries and Production Hammad Azhar, Adviser to the PM on Commerce Abdul Razak Dawood, SAPM on Revenue Dr. Waqar Masood, Provincial Chief Secretaries, Secretary M/o Industries and Production, Additional Secretary M/o NFS&R, Additional Secretary Ministry of Planning, Development and Special Initiatives, Chairman FBR, Member CCP, Chairman TCP, MD USC, Member IT/HRM & Member National Accounts from PBS and senior officers of the Finance Division participated in the meeting.
The National Price Monitoring Committee (NPMC) reviewed the price trend of essential commodities especially wheat, sugar and edible oil during the week.
Finance Secretary briefed the meeting that weekly SPI registered a decline of 0.22 percent and the main drivers behind decrease in SPI are falling prices of eggs, tomatoes, potatoes, onions and chicken. Prices of 21 basic items remained stable whereas 07 items registered a decline during the week.
The ministry of National Food Security and Research (NFS&R) apprised NPMC that all stakeholders are on board with reference to existing position of wheat stock in the country.
The Federal Minister for National Food Security and Research assured all possible measures would be taken to ensure smooth supply of wheat across the country.
The Finance Minister directed the provincial governments to follow a self-sustaining model and streamline daily release of wheat to ensure steady supply in the provinces as well as districts.
The Federal Minister for Industries and Production Hammad Azhar updated NPMC about the recent decline in international prices of palm oil which will eventually reduce the upward pressure on the prices of edible oil in the domestic market.
Member PBS updated NPMC about the benefits of recently developed dashboard of prices of essential items and progress on its implementation in coordination with the provinces.
The NPMC directed PBS to provide necessary support to the provinces to make the system fully functional for vigilant monitoring of prices of essential commodities and to remove price disparity across the country.
The Finance Minister directed M/o NFS&R to chalk out a comprehensive strategy to ensure smooth supply of wheat flour at reasonable rates for the general public.
He also urged the provincial governments to continue taking necessary steps to ensure provision of basic items at affordable prices across the country.
KARACHI: The liquid foreign exchange reserves of the country slightly increased by $7 million to $20.519 billion by the week ended January 08, 2021, the State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were at $20.512 billion by the week ended December 31, 2020.
The official reserves of the SBP slipped by $12 million to $13.4 billion by the week ended January 08, 2021, as compared with $13.412 billion a week ago.
The foreign exchange reserves maintained by the commercial banks increased by $19 million to $7.119 billion by the week ended January 08, 2021, as compared with $7.1 billion a week ago.
ISLAMABAD: The customs authorities, in collaboration with other law enforcement agencies, have sealed approximately 192 illegal fuel stations selling smuggled petroleum products, the federal cabinet was informed on Tuesday.
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ISLAMABAD, July 12, 2024 – In a significant move aimed at managing fiscal responsibilities, the federal government of Pakistan has launched an initiative to evaluate and assess liabilities pertaining to its retirement benefit schemes.
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ISLAMABAD: The government on Saturday said it will present the federal budget 2021/2022 before the Parliament during the first week of June 2021.
According to the budget call circular issued by the finance ministry, the presentation of budget to the cabinet and the parliament would be in the first week of June 2021.
The finance division shall complete all budget documents, schedules and summaries for the cabinet by end of May 2021.
The ministry issued timelines for budget preparation process under which by March 15, 2021 PAOs would provide revised estimates for current fiscal year and budget estimates for 2021/2022 for federal government receipts. On the same date PAOs will also be required to forward budget proposals relating to tax and non-tax revenues for inclusion in Finance Bill 2021/2022.
The PAOs will also comply March 15, 2021 for submission of current and development expenditure budget estimates.
The finance division shall finalize development of budget strategy paper by second week of March 2021. The budget strategy paper shall be submitted to the cabinet by first week of April 2021.
APCC and NEC may hold meeting in April 2021.
Submission of NO/NIS forms for current budget shall be by April 26 to May 14, 2021.
Submission of BO/NIS Forms by ministries / divisions for development budget during May 10 –21, 2021.
KARACHI: The inflows of workers remittances have registered 25 percent growth during first half of the current fiscal year. This is the highest half yearly growth since FY07, the State Bank of Pakistan (SBP) said on Friday.
On a cumulative basis, workers’ remittances reached an unprecedented level of $14.2 billion during the first half of FY21, 25 percent higher than the same period last year.
Workers’ remittances maintained their strong momentum for the seventh consecutive month in December. Remittances rose further to $2.4 billion, growing by 16.2 percent on a year-on-year basis and 4.2 percent on a month-on-month basis.
Remittance inflows have been well-diversified. Most of the inflows during H1-FY21 were sourced from Saudi Arabia ($4.0 billion), United Arab Emirates ($3.0 billion), United Kingdom ($1.9 billion) and United States ($1.2 billion).
This strong growth in workers’ remittances is attributable to the increased use of formal channels on the back of sustained efforts by the government and SBP to encourage inflows through official channels as well as limited cross-border travel due to the second wave of the COVID-19 pandemic, together with favorable foreign exchange market dynamics.
ISLAMABAD: Bank account of a pensioner shall become inoperative if the person drawing pension fails to undergo biometric verification or is not drawing pension for consecutive six months.
The Finance Division in a letter to the governor of State Bank of Pakistan (SBP) on Thursday informed that that if a person drawing pension fails to submit a life certificate or fails to undergo biometric verification during the months of March and October or a pensioner does not draw pension for consecutive six months, the account shall become dormant.
The finance division said that following clarification for payment of pension through Direct Credit System (DCS):
(i) The pension shall be paid to a pensioner through a bank account either current or PLS maintained in his own name.
(ii) For payment of pension through bank account as mentioned at (i) above, a joint account shall not be valid.
(iii) Dedicated pension bank account shall not be mandatory for drawl of pension.
(iv) The requirement of indemnity bond from a pensioner, as laid down in para 3(f) and 9(xii) of the Revised SOP 2014 issued on July 14, 2014 is discontinued.
It said that the through a letter September 08, 2020 the finance division had already decided that no separate bank account is required for draw/disbursement of pension for all new retirees and that it may be ensured that the pensioner starts receiving pension payment on the date it falls due, in the same bank account, he or she was receiving the salary before retirement, if he or she desires so.
The finance division said that after necessary amendments in the relevant rules, the federal government is going to launch a system which would cater for all the requirements/documentations digitally to further facilitate the pensioners.
Salient features of the system are as under:
(a) A pensioner drawing pension under clause iii of sub rule (6) of Federal Treasury Rules shall be facilitated to undergo biometric verification from any branch of a bank maintaining his pension account, every year in the months of March and October. If the pensioner is unable to under biometric verification due to incapacitation by bodily illness, infirmity or if his fingerprints do not exist due to old or a genetic condition, he will provide a life certificate signed by a person authorized under rule 343 every six months.
(b) The declaration shall be obtained yearly from pensioner who pension is terminable by their marriage or remarriage and shall be attached to the pension bill paid in September instead of December and June.
(c) Further, submission of declaration regarding marriage or remarriage will be dispensed with after the widow or daughter of the pensioner attains the age of sixty year.
(d) If a person drawing pension fails to submit a life certificate or fails to undergo biometric verification during the months of March and October or a pension does not draw pension for consecutive six months, the account shall become dormant.